Italian fashion house Valentino, owned by Qatari Royal Family for Investments, has made a lucrative offer of €500 million (about $569 million) to buy French brand Balmain founded by the designer Pierre Balmain in 1945, according to report in the French Media.

Balmain, led by its Creative Director Olivier Rousteing, also received two other offers, one from a Chinese fashion group and another American investor, according to the paper, though both potential investors remain unnamed. Valentino and Balmain have not yet responded.

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Balmain has been a family-run affair since Alain Hiveline left his heirs a 30 per cent stake after his death, and any new owners would have to comply with Alain Hivelin's dying wish: to ensure the continuity of the house in the luxury market.

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